The costs of banking in Switzerland vary depending on the type of account being opened, the profile of the applicant wanting to bank in a top financial hub like Switzerland, and the expected account activity.
We’ll dig into each of these cost variables for Switzerland below. On the other hand, if you would like access to our free Switzerland banking series, click the link above and unlock our team’s expert take on Switzerland banks, Switzerland opening requirements, sending money to Switzerland, and much more.
You can also use the table of contents to continue learning about the costs of banking in Switzerland below.
Table of Contents
- Costs of Banking in Switzerland?
- How Much Does It Cost to Open a Bank Account in Switzerland?
- Costs of Operating a Bank Account in Switzerland?
- Frequently Asked Switzerland Banking Questions
- Ready to Open an Offshore Bank Account?
Costs of Banking in Switzerland?
The costs of banking in Switzerland can include account opening fees, account maintenance fees, transaction fees, and a wide range of fees related to private banking and wealth management services.
In short, the costs of banking in Switzerland depend on the specific person opening the account, their expected activities, and of course, the bank where they apply to open.
Not surprisingly, as one of the most sought-after banking jurisdictions in the world, the costs associated with banking here are typically higher than in other countries. However, in most cases, Swiss banking costs are offset through various investments and Switzerland’s personal banking products, resulting in no cost to banking in Switzerland at all.
That said, different client profiles will incur different expenses. However, here are a few of the general takeaways about Swiss banking costs.
Key Takeaways
- Switzerland is an expensive banking jurisdiction
- High-risk applicants may be charged account opening fees
- Complex sources of wealth may result in auditing fees
- Monthly account fees can be high for non-residents and entities
- Transaction fees are high but standard for private banking
- Deposit requirements are high compared to other countries
- All fees should be clearly reviewed prior to opening
To begin, let’s explore how much it costs to open a bank account in Switzerland, broken down by account type. This will include a look at the costs associated with opening bank accounts in Switzerland.
How Much Does it Cost to Open a Bank Account in Switzerland?
When it comes to opening and operating a bank account in Switzerland, there are eight (8) main expense categories that a list of banking organizations and a list of banks in Switzerland typically charge individuals and entities.
Not surprisingly, the costs will vary depending on which Swiss bank you have accounts with and your client profile. But, generally speaking, the major banking groups and the largest banks in Switzerland, have been known to charge compliance and due diligence fees, account maintenance fees, private banking fees, wealth management and related service fees, transaction fees (domestic and international), ATM withdrawal fees, credit card fees, and fees for special requests.
Costs to Open and Operate a Bank Account in Switzerland
- Compliance and due diligence fees
- Account maintenance fees
- Private banking fees
- Wealth management and related service fees
- Transaction fees (domestic and international)
- ATM withdrawal fees
- Credit card fees
- Fees for special requests
Importantly, highly regarded institutions, including the best banks in Switzerland, vary widely in the way they charge fees to foreign and non-resident individuals and entities.
Unfortunately, regardless of whether you bank with one of the largest banks in Switzerland or a smaller private bank, you will need to compare fees before applying.
With this in mind, it’s best to review all of your banking options in Switzerland before deciding which bank in Switzerland is best for you.
That said, there are additional fees that you may be charged when opening a bank account in Switzerland. With this in mind, let’s look at the extra charges and explore how much it really costs to open offshore bank accounts in Switzerland.
How Much Does it Cost to Open Offshore Bank Accounts in Switzerland?
Offshore bank accounts in Switzerland can include personal bank accounts, business bank accounts, or private bank accounts. We will cover each of these accounts and their Switzerland-specific cost considerations below.
But first, we want to discuss the costs that everyone should expect when opening a bank account in Switzerland. These costs center around the account opening policies and Switzerland banking requirements that most Swiss banks require you to provide. More specifically, the costs involved with obtaining documents from other banks and jurisdictions.
Switzerland Account Opening Document Costs
- Bank reference letters (Certain banks charge fees)
- Document authentication (Required in certain instances)
- Certificate of good standing (Certain entities older than one year)
- Sending documents to the bank by courier (Sometimes required)
Of course, if you are planning on visiting Zurich, Geneva, Lugano, or even Bern (the capital city of Switzerland) to open your Swiss bank account in person, you will have additional expenses to consider. That said, showing up in person does not necessarily increase your chances of opening accounts.
If you are looking for global financial services, offshore banking in Switzerland is worth considering. You can use this link to access our free guide.
On the other hand, if you are looking to open a personal bank account in Switzerland, here are the Switzerland-specific costs to be aware of.
How Much Does it Cost to Open Personal Bank Accounts in Switzerland?
Whether you are a Swiss permanent resident or a non-resident of Switzerland, you can open a Switzerland bank account without paying application or opening fees. Of course, you still need to pass each bank’s onboarding and compliance process.
That said, certain individuals that Switzerland banks deem high-risk may need to pay additional due diligence and compliance costs. However, this is common in many offshore banking jurisdictions.
Alternatively, if you are looking to open a business bank account in Switzerland, here are the Switzerland-specific costs to be aware of.
How Much Does it Cost to Open Business Bank Accounts in Switzerland?
While business banking in Switzerland offers a unique opportunity to access both corporate and private banking services, eligibility for business accounts is highly dependent on the jurisdictions involved, business activities, and the qualifying financials of the company.
It’s important to note that there are often additional costs involved in applying for a business bank account in Switzerland for foreign non-resident and offshore entities. This is primarily caused by the need to provide multiple documents, supporting letters, and the possible requirement of showing up in person in Switzerland to open an account.
With this in mind, we suggest reviewing our free guide on corporate finance management and business banking in Switzerland before deciding where to apply.
On the other hand, if you are looking to open a private bank account in Switzerland, here are the main costs to be aware of.
How Much Does it Cost to Open Private Bank Accounts in Switzerland?
Unlike personal and business banking, private banking has a long list of costs that prospective customers need to consider. This is true whether you are looking to open private bank accounts in Switzerland, Singapore, Panama, or any other banking jurisdiction.
Switzerland Private Banking Costs to Consider
- Outbound transaction fees from Switzerland to abroad
- Fees for executing local Swiss investments
- Fees for executing international investments outside of Switzerland
- Discretionary management fees charged by Swiss banks
- Active advisory fees charged by Swiss banks
- Fees for related services like accounting support, structuring, etc.
- And much more
In most cases, the costs for tailored wealth management and private banking in Switzerland are very high considering the services provided. This is especially true when comparing Switzerland to other banking jurisdictions.
Likewise, every jurisdiction has something different to offer when it comes to private banking. So, if you are looking for specific financial solutions and banking benefits in Switzerland, you may want to compare a few similar jurisdictions as well before starting to apply.
Costs of Operating a Bank Account in Switzerland?
To recap, the costs of operating a bank account in Switzerland will differ depending on the type of account and client profile. That said, the bank features and Switzerland banking services that the client uses will also impact the costs associated with banking in the country.
With this in mind, here is a look at the typical costs that you can expect when operating a bank account in Switzerland.
How Much Are Bank Fees in Switzerland?
The following are examples of standard bank fees charged by banks in Switzerland. Before applying for a bank account in Switzerland, always request an up-to-date fee list from each Swiss bank you are considering.
- Account maintenance in Switzerland: USD 100
- Inbound SWIFT fees in Switzerland: USD 40
- Outbound SWIFT fees in Switzerland: USD 40
- Inbound Switzerland transfers: often free
- Outbound Switzerland transfers: USD 22
It’s important to note that Switzerland banks will charge additional fees as well, including fees for falling below the minimum account balance and fees for using your Switzerland ATM card.
Additionally, before opening accounts, you should confirm whether balance requirements are applied to each account (in the case of multicurrency) or if they only apply to your primary Swiss account that holds the currency of Switzerland.
How Much Does It Cost to Use an ATM in Switzerland?
The following are examples of the costs of using an ATM in Switzerland and abroad with Swiss bank cards. That said, each bank in Switzerland will set its own fees. So, before using a Swiss ATM card abroad, be sure to confirm all relevant fees with the bank.
- Domestic ATM fees in Switzerland: USD 2
- International ATM fees outside of Switzerland: USD 6 per withdrawal plus 0.25% of the amount
How Much Does it Cost to Transfer Money to Switzerland?
The following are examples of how much it would cost to wire money abroad and send money to Switzerland from the United States using bank transfers via SWIFT, money transfer providers like Western Union, and digital transfer services like Wise.
- International bank transfers to Switzerland: USD 40
- International money transfer to Switzerland: USD 4.99
- Digital transfer service to Switzerland: USD 3.52
What Are the Other Costs of Banking in Switzerland?
Generally speaking, the costs of banking in Switzerland are high but reasonable for a private banking jurisdiction of its caliber. Additionally, in most cases, clients are able to offset the costs of banking in Switzerland by investing in bank products.
That said, different client risk profiles can experience additional expenses in terms of onboarding and account maintenance. Of course, If you plan on visiting Switzerland to open your Swiss bank account, you will need to pay for flights, hotels, transportation, and daily expenses.
However, it’s important to note that showing up in Switzerland does not guarantee account opening success. This is especially true since each Swiss bank has its own criteria for client onboarding.
Additionally, certain individuals need to consider the additional costs of disclosing and making tax-related filings about their bank account in Switzerland to their home country. For example, US citizens are required to complete an FBAR (FinCen 114) and Form 8938 when their Switzerland bank account (and other foreign accounts) surpass certain thresholds.
Lastly, like everywhere, it’s important to note that there are challenging compliance regulations and risks of banking in Switzerland. So, be sure to use the available resources shared above in order to navigate your options and find the best country and bank for your needs.
Frequently Asked Switzerland Banking Questions
Below are a few questions we receive from people exploring the costs of banking in Switzerland. If you have further questions you would like answered, don’t hesitate to contact us directly.
What Are the Fees for Swiss Banks?
The fees for Swiss banks can differ depending on the bank, the type of account, and your client profile. That said, most banks in Switzerland charge fees for account maintenance, transactions, ATM withdrawals, private banking activities, wealth management services, and much more.
Why Do Millionaires Use Swiss Banks?
Millionaires use Swiss banks because Switzerland is home to some of the safest financial institutions in the world. Additionally, Swiss banks offer a wide range of sophisticated private banking and wealth management services that specifically cater to the needs of wealthy clients.
Can You Still Hide Money in Swiss Banks?
No, you can not still hide money in Swiss banks. In fact, anonymous bank accounts and true bank secrecy no longer exist. This is due to the widespread adoption of information-sharing agreements by most jurisdictions around the world. As a result of these agreements, account information is automatically sent to the country of tax residency of each account holder.
Ready to Open an Offshore Bank Account?
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